Gold prices have been trading at $2,003.70 per ounce, up 0.73% since yesterday’s price and down 3.03% from the beginning of the year. At the time of writing, gold is trading at $2004.44 per ounce, up +0.63%. Mixed US economic data has impacted the US Dollar, with US Treasury yields easing and looking to resume their advance.
Gold prices are up again, but the Gold Index is losing momentum and struggles to retain the $2,000 mark. Retail Sales were down 0.8% MoM in January, and Initial Jobless Claims rose 212K, reflecting labor market tightness.
The NY Empire State Manufacturing Index improved to -2.4 in February, while the Philadelphia Fed Manufacturing Survey improved to 5.2. Government bond yields have weakened, but 10-year Treasury notes offer 4.25%, recovering from an intraday low of 4.187%.
The US Dollar recovers alongside rising yields, but still trading in negative territory against most major rivals.
The lowest trading price within the last 24 hours was $1,984.26 per ounce, while the highest gold spot price in the last 24 hours was $2,004.20 per ounce. Today’s rally marks the first day of a daily bullish reversal, with higher target areas having a good chance of getting hit eventually as long as gold stays above 1,990.
Technically; a bullish reversal off Wednesday’s bottom hammer candlestick pattern triggered on Thursday, leading to a sharp advance to test resistance around the 2,009 interim swing low.
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Gold prices have been trading at $2,003.70 per ounce, up 0.73% since yesterday’s price and down 3.03% from the beginning of the year. At the time of writing, gold is trading at $2004.44 per ounce, up +0.63%. Mixed US economic data has impacted the US Dollar, with US Treasury yields easing and looking to resume …<\/p>\n","protected":false},"author":13,"featured_media":61161,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[7603,8595,10295,7002],"class_list":["post-97076","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-gold-prices","tag-labour-data","tag-ny-empire-state-manufacturing-index","tag-retail-sales"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/97076","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=97076"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/97076\/revisions"}],"predecessor-version":[{"id":97081,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/97076\/revisions\/97081"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/61161"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=97076"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=97076"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=97076"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}